The Central Bank of Bahrain (CBB) has directed all retail banks and financial institutions to implement the requirements for the second phase of the Bahrain Open Banking Framework (Bahrain OBF) by June 30 next year.
The first phase of the Bahrain OBF had been successfully launched by the kingdom's central bank in May last year.
In its latest circular, CBB has issued the guidelines and standards related to the following services:
•Sharing Open Data (publicly available data such as ATM locator, Branch Locator, etc.)
•Domestic Standing Orders
•International Standing Orders
•International Future Dated Payments
The Bahrain OBF aims to improve the reach and quality of services offered by retail banks through digital online and mobile channels. This initiative is part of a larger upgrade of the Bahraini financial sector to remain competitive in the face of demand for connectivity within the financial services ecosystem.
The Bahrain OBF will help foster competition and enhance efficiency of the financial system in light of changing consumer trends. The framework includes supporting technical standards such as APIs, customer experience guidelines, cyber security standards and other relevant operational standards.
CBB Executive Director (Corporate Services) Yousef Al Fadhel, said: "The new directives of the second phase of the Bahrain OBF will provide an opportunity for retail banks and financial institutions to provide a wider range of services with greater efficiency, at lower costs and in a more customer-centric manner."
"This will further enhance the competition and efficiency of the financial system keeping in view changing consumer trends, and expedite the transformation towards a digital economy on a wider scale," he added.